Presentation is loading. Please wait.

Presentation is loading. Please wait.

1 Risk Management Practices by the U.S. Dairy Industry: Industry Complexities, Learning Curves and Producer Adoption Brian W. Gould Professor Department.

Similar presentations


Presentation on theme: "1 Risk Management Practices by the U.S. Dairy Industry: Industry Complexities, Learning Curves and Producer Adoption Brian W. Gould Professor Department."— Presentation transcript:

1 1 Risk Management Practices by the U.S. Dairy Industry: Industry Complexities, Learning Curves and Producer Adoption Brian W. Gould Professor Department of Agricultural and Applied Economics University of Wisconsin-Extension University of Wisconsin (bwgould@wisc.edu) National Extension Risk Management Conference April 2, 2013

2 2 Overview of Todays Presentation Overview of Price Volatility in the U.S. Dairy Industry Overview of Price Volatility in the U.S. Dairy Industry Use of Traditional Futures and Options for Price and Revenue Risk Management Use of Traditional Futures and Options for Price and Revenue Risk Management Revenue Protection via Margin Insurance Programs Revenue Protection via Margin Insurance Programs LGM-Dairy LGM-Dairy Dairy Sub-Title Margin Insurance Proposal Dairy Sub-Title Margin Insurance Proposal What Does the Future Hold? What Does the Future Hold?

3 3 Price Risk in Todays Dairy Industry We have seen a tremendous increase in the volatility of farm milk prices over the last 20 years We have seen a tremendous increase in the volatility of farm milk prices over the last 20 years Parity milk price support Federal Order Reform Use of BFP formula

4 4 Price Risk in Todays Dairy Industry Dairy Exports Dairy Imports U.S. dairy industry is devoting more resources to the development of international markets U.S. dairy industry is devoting more resources to the development of international markets For some dry products like NFDM, Dry Whey, Lactose, etc., more than 50% of U.S. production is exported For some dry products like NFDM, Dry Whey, Lactose, etc., more than 50% of U.S. production is exported Major drop in milk prices last half of 2008 and most of 2009 Major drop in milk prices last half of 2008 and most of 2009 June 2008 Class III: $20.25/cwt June 2008 Class III: $20.25/cwt Feb. 2009 Class III: $9.31/cwt Feb. 2009 Class III: $9.31/cwt

5 5 Price Risk in Todays Dairy Industry

6 6 Correlation Coefficient Oceania-U.S.: 0.939 Europe-U.S.: 0.890 Oceania-Europe: 0.964 Correlation Coefficient Oceania-U.S.: 0.939 Europe-U.S.: 0.890 Oceania-Europe: 0.964 Commodity prices have direct impact on domestic milk prices due to classified pricing

7 7 Margin Risk in Todays Dairy Industry Composition (by wgt) Corn: 51% Soybeans: 8% Alfalfa Hay: 41% Composition (by wgt) Corn: 51% Soybeans: 8% Alfalfa Hay: 41% Purchased feed costs represent a major portion of total operating costs for dairy farms Purchased feed costs represent a major portion of total operating costs for dairy farms ERS 2011 Estimates: CA: 59% WI: 34% ERS 2011 Estimates: CA: 59% WI: 34%

8 8 Margin Risk in Todays Dairy Industry Ratio > 1.0 ration price has at a higher rate relative to Class III milk price using Jan. 95 base % of Months With Ratio > 1 1995-1999: 60.0 2000-2004: 46.7 2005-2009: 63.3 2010+: 100.0 % of Months With Ratio > 1 1995-1999: 60.0 2000-2004: 46.7 2005-2009: 63.3 2010+: 100.0

9 9 IOFC = Avg All-Milk Price – Avg Feed Costs (2012 Senate Farm Bill Feed Cost Formula Used) IOFC = Avg All-Milk Price – Avg Feed Costs (2012 Senate Farm Bill Feed Cost Formula Used) Margin Risk in Todays Dairy Industry

10 10 The Pricing of Milk in the U.S.

11 11 To understand effectiveness of milk price (revenue) risk management one needs to understand how producer prices are established To understand effectiveness of milk price (revenue) risk management one needs to understand how producer prices are established A majority of U.S. milk produced under classified pricing A majority of U.S. milk produced under classified pricing Minimum farm milk price based on how it is used and associated component values Minimum farm milk price based on how it is used and associated component values Two major milk pricing systems: CA and 10 Federal Milk Marketing Orders (FMMO) Two major milk pricing systems: CA and 10 Federal Milk Marketing Orders (FMMO) % of U.S. milk marketed in 2012 % of U.S. milk marketed in 2012 CA: 20.9% CA: 20.9% FMMO: 61.1% FMMO: 61.1% 82.0% The Pricing of Milk in the U.S.

12 12 Theoretically with classified pricing one segregates milk according to demand elasticity Theoretically with classified pricing one segregates milk according to demand elasticity Set different minimum prices according to milk use Set different minimum prices according to milk use Higher prices for most inelastic uses (i.e. fluid) Higher prices for most inelastic uses (i.e. fluid) Higher price consumption reduced relative to competitive market Higher price consumption reduced relative to competitive market Divert excess milk from reduced fluid use to uses with more elastic demand (e.g., cheese) Divert excess milk from reduced fluid use to uses with more elastic demand (e.g., cheese) Prices will be reduced so as to clear markets Prices will be reduced so as to clear markets Hoped for net effect: Higher average price and more production Hoped for net effect: Higher average price and more production The Pricing of Milk in the U.S.

13 13 The Pricing of Milk in the U.S. Two variants of the classified pricing system: Two variants of the classified pricing system: Milk price being the sum of the value of multiple components: Milk price being the sum of the value of multiple components: Protein Protein Milkfat Milkfat Other Solids Other Solids Non-Milkfat solids Non-Milkfat solids 6 FMMOs & CA 6 FMMOs & CA Fat/Skim Pricing Fat/Skim Pricing Milk value based on value of butterfat and skim milk Milk value based on value of butterfat and skim milk Four FMMOs: SE, Appalachian, FL and AZ Four FMMOs: SE, Appalachian, FL and AZ

14 14 Class-specific minimum prices: Class-specific minimum prices: Based on class specific formulas relating above milk component values via the use of: Based on class specific formulas relating above milk component values via the use of: Wholesale dairy product prices Wholesale dairy product prices Assumed product yields Assumed product yields Fixed manufacturing (non-milk) costs (i.e., product- specific make allowance) Fixed manufacturing (non-milk) costs (i.e., product- specific make allowance) Milk class minimum price ($/cwt) obtained by: Milk class minimum price ($/cwt) obtained by: Determining component quantity/cwt Determining component quantity/cwt Multiplying per cwt component amounts by component prices (net of make allowances) Multiplying per cwt component amounts by component prices (net of make allowances) Net price depends on product produced from this milk Net price depends on product produced from this milk Sum class-specific component values per cwt Sum class-specific component values per cwt The Pricing of Milk in the U.S.

15 15 A complicating factor for risk management A complicating factor for risk management Under both FMMO and CA systems there is pooling of milk used for different purposes Under both FMMO and CA systems there is pooling of milk used for different purposes Uniform or blend price Uniform or blend price Within each order producers receive a: Within each order producers receive a: Uniform price for their milk of equal quality and composition Uniform price for their milk of equal quality and composition Uniform price per lb of component Uniform price per lb of component Uniform price is weighted average of class specific milk or component prices Uniform price is weighted average of class specific milk or component prices Applies only to milk sold to a plant that is participating in the FMMO system Applies only to milk sold to a plant that is participating in the FMMO system The Pricing of Milk in the U.S.

16 16 When are Minimum Milk Prices Determined? Timing of producer milk price determination Timing of producer milk price determination Under CA and FMMO systems class-specific component values determined once a month Under CA and FMMO systems class-specific component values determined once a month Fluid milk (i.e., Class I) component values determined prior to production month Fluid milk (i.e., Class I) component values determined prior to production month Other milk classes component values determined after production month Other milk classes component values determined after production month Can be up to 6 weeks difference in price determination for same month but different class Can be up to 6 weeks difference in price determination for same month but different class In volatile markets makes risk management difficult In volatile markets makes risk management difficult

17 17 Use of Dairy-Based Futures and Options Price Risk Management Strategies

18 18 Futures/options contracts for farm milk and manufactured dairy products developed with the onset of increased volatility Futures/options contracts for farm milk and manufactured dairy products developed with the onset of increased volatility 1993: 1 st modern futures market developed at New York Coffee, Sugar and Cocoa Exchange (NYCSCE) 1993: 1 st modern futures market developed at New York Coffee, Sugar and Cocoa Exchange (NYCSCE) 1997: Chicago Mercantile Exchange (CME) assumes leadership 1997: Chicago Mercantile Exchange (CME) assumes leadership Only exchange with dairy-based contracts Only exchange with dairy-based contracts Contract types have evolved over time Contract types have evolved over time From physical delivery to most being cash settle contracts From physical delivery to most being cash settle contracts Evolution of Dairy-Based Futures/Options

19 19 ContractContract SizeSettlementStart Date Class III Fluid Milk200,000 lbs Cash Settle: Announced Class III February 1, 2000 (Replaced BFP) Class IV Fluid Milk200,000 lbs Cash Settle: Announced Class IV July 10, 2000 Cash-Settle Butter20,000 lbs Cash Settle: NASS Butter Sept. 19, 2005 Dry Whey44,000 lbs Cash Settle: NASS Dry Whey March19, 2007 Nonfat Dry Milk44,000 lbs Cash Settle: NASS NFDM Oct.10, 2008 Deliverable NFDM44,000 lbsPhysical DeliveryApril 20, 2009 International SMP20 MTPhysical DeliveryMay 10, 2010 Cheddar Cheese20,000 lbs Cash Settle: NASS Cheddar June 21, 2010 Current CME Dairy-Based Futures/Options

20 20 Current Futures and Options Open Interest ContractFuturesOptionsContractFuturesOptions Class III23,41767,040Dry Whey1,697 524 Class IV1,5801,905NFDM1,216 376 Butter4,1262,934Cheddar5,8056,931 Note: Data as of March 22, 2013. The above numbers represent the open interest in each commodity/contract type. Each contract represents the following quantities: Class III and IV milk – 2,000 cwt, Butter and Cheddar – 20,000 lbs, Dry Whey and NFDM – 44,000 lbs, SMP – 20 Metric Tonnes Farm operators, processing plants and product purchasers can use traditional futures/options tools Farm operators, processing plants and product purchasers can use traditional futures/options tools 24 monthly contracts traded daily 24 monthly contracts traded daily Dairy-Based Futures and Options Open Interest

21 21 Futures and Options Open Interest Commodity Equivalents CommodityUnits Amount Covered 2012 U.S. Production % of 2012 U.S. Production Class IIIMil. Lbs.19,891 200,324 1 9.9 Class IVMil. Lbs.697 200,324 1 0.3 Butter000 Lbs.141,200 1,857,0407.6 Dry Whey000 Lbs.93,764 1,009,1309.3 NFDM000 Lbs.3,509 1,781,1100.2 Cheddar000 Lbs.254,720 3,143,2908.1 1 Total U.S. milk production. Note: Data as of March 22, 2013. 729 Mid-Class III option contracts (100,000 lbs) are not included in the above

22 22 Fixed Price Forward Contracting Sell milk to processing (i.e., cheese) plant offering fixed price forward contract Sell milk to processing (i.e., cheese) plant offering fixed price forward contract Processor undertakes a short hedge Processor undertakes a short hedge Collects forward contract offers across producers Collects forward contract offers across producers Decrease contract offer to cover hedging/administrative costs Decrease contract offer to cover hedging/administrative costs Manufacturer usually covers the margin calls Manufacturer usually covers the margin calls Expanded use allowed via 2008 Farm Bill and current 1 year extension Expanded use allowed via 2008 Farm Bill and current 1 year extension Bottling plants not allowed to offer forward contracts of any type Bottling plants not allowed to offer forward contracts of any type Concern as to the impact on pooling function Concern as to the impact on pooling function

23 23 Fixed Price Forward Contracting Fixed price contract may be due to processors customer wanting long-term constant price Fixed price contract may be due to processors customer wanting long-term constant price e.g., McDonalds enters into a 2 year contract with a cheese plant at a fixed cheese price e.g., McDonalds enters into a 2 year contract with a cheese plant at a fixed cheese price Plant offers a fixed price for a: Plant offers a fixed price for a: Given month, quarter, year, etc. Given month, quarter, year, etc. Converts fixed output price customer commitment to equivalent milk price using assumed product yields Converts fixed output price customer commitment to equivalent milk price using assumed product yields Contracted volume usually limited to some percentage of a farms production Contracted volume usually limited to some percentage of a farms production

24 24 Cash settled against monthly USDA Announced class price, NASS commodity prices or Announced component values Cash settled against monthly USDA Announced class price, NASS commodity prices or Announced component values Milk check adjusted by difference per cwt between contracted and Announced price. Milk check adjusted by difference per cwt between contracted and Announced price. Announced less than contract price milk check by difference times contracted quantity Announced less than contract price milk check by difference times contracted quantity Announced higher than contract price milk check Announced higher than contract price milk check Contracts available for Class III price, Class IV price, component value, blend price, PPD/blend price, etc. Contracts available for Class III price, Class IV price, component value, blend price, PPD/blend price, etc. Typical Fixed Price Contracts

25 25 Fixed Price Forward Contracting Alternative Types of Forward Contracts

26 26 Minimum Price Contracting Purchase a minimum price contract from a processing (i.e., cheese, yogurt, etc.) plant Purchase a minimum price contract from a processing (i.e., cheese, yogurt, etc.) plant Plant collects minimum price contract offers across farms to determine number of Put options to purchase Plant collects minimum price contract offers across farms to determine number of Put options to purchase Plant decreases contract offer to cover commission and own administrative costs Plant decreases contract offer to cover commission and own administrative costs If cash price less than contract price milk check is increased by difference times contracted quantity If cash price less than contract price milk check is increased by difference times contracted quantity Type of pricing products available same as with fixed price contracts Type of pricing products available same as with fixed price contracts

27 27 Purchase a Min/Max (Collar) price contract to set floor and ceiling milk price Purchase a Min/Max (Collar) price contract to set floor and ceiling milk price Producer selects floor and ceiling that fits price goal Producer selects floor and ceiling that fits price goal Floor protects from low prices Floor protects from low prices Ceiling reduces contract cost Ceiling reduces contract cost Contract price is the Announced price should USDA price between floor and ceiling Contract price is the Announced price should USDA price between floor and ceiling Type of pricing products available same as with fixed price contracts Type of pricing products available same as with fixed price contracts Min/Max Contracts Available

28 28 Plant collects min/max offer across farms Plant collects min/max offer across farms Plant purchases Class III Put to establish minimum Plant purchases Class III Put to establish minimum Only active fluid milk options market Only active fluid milk options market Min/Max Contracts Plant sells Class III Call to establish maximum Plant sells Class III Call to establish maximum Plant decreases contract offer to cover commission and own administrative cost Plant decreases contract offer to cover commission and own administrative cost

29 29 How Can Dairy Producers Manage Margin (IOFC) Risk?

30 30 Use of fixed price contracts in managing IOFC volatility Use of fixed price contracts in managing IOFC volatility For both milk and feed to lock in an IOFC margin For both milk and feed to lock in an IOFC margin Fixed milk price contract and feed call options to establish a minimum IOFC Fixed milk price contract and feed call options to establish a minimum IOFC Class III PUT options and fixed feed price contracts to establish a minimum IOFC Class III PUT options and fixed feed price contracts to establish a minimum IOFC Margin Risk Management Examples

31 31 Purchase both Class III PUT and feed equivalent CALLS to establish IOFC floor Purchase both Class III PUT and feed equivalent CALLS to establish IOFC floor Could be expensive Could be expensive Possible thin Class III options market Possible thin Class III options market $/cwt Milk Milk revenue floor Feed cost ceiling A C B P* $P* Class III Put $C* Feed-Based Call C* Milk/Feed Prices Margin Risk Management Examples

32 32 Aug. 2008: Livestock Gross Margin Insurance for Dairy (LGM-Dairy) became available Aug. 2008: Livestock Gross Margin Insurance for Dairy (LGM-Dairy) became available Objective is to establish minimum IOFC Objective is to establish minimum IOFC Similar to a bundled options strategy except: Similar to a bundled options strategy except: No options purchased No options purchased No minimum size limit No minimum size limit Upper limit: 240,000 cwt over 10 mo. or within insurance year Upper limit: 240,000 cwt over 10 mo. or within insurance year Premium not due until after contract period Premium not due until after contract period USDA-RMA administered and purchased from firms selling Federal crop insurance USDA-RMA administered and purchased from firms selling Federal crop insurance July 2010: Available in lower 48 states July 2010: Available in lower 48 states LGM-Dairy: An Overview

33 33 LGM-Dairy is very customizable: LGM-Dairy is very customizable: 1 – 10 months production insured by 1 contract 1 – 10 months production insured by 1 contract % of monthly production covered % of monthly production covered 0 – 100% of certified production each month 0 – 100% of certified production each month % coverage can vary across months % coverage can vary across months Farm specific production, feed use, deductible & premium Farm specific production, feed use, deductible & premium No farm level prices used No farm level prices used 2013 Farm Bill margin insurance proposal less flexible 2013 Farm Bill margin insurance proposal less flexible Dec. 2010: Direct subsidy of insurance premiums Dec. 2010: Direct subsidy of insurance premiums $0 deductible: 18% subsidy $0 deductible: 18% subsidy $1.10 $2.00 deductible: 50% subsidy $1.10 $2.00 deductible: 50% subsidy LGM-Dairy: An Overview

34 34 Minimum Gross Margin Guarantee (GMG) for entire contract determined when insurance purchased Minimum Gross Margin Guarantee (GMG) for entire contract determined when insurance purchased Regardless of # of covered months Regardless of # of covered months GMG = Total expected milk revenue – Total expected purchased feed costs – Total deductible GMG = Total expected milk revenue – Total expected purchased feed costs – Total deductible Total refers to sum over all insured months Total refers to sum over all insured months If Total GMG > Total Actual Gross Margin (AGM) Indemnity paid If Total GMG > Total Actual Gross Margin (AGM) Indemnity paid Payout amount = GMG – AGM Payout amount = GMG – AGM 1 indemnity per contract regardless of length 1 indemnity per contract regardless of length LGM-Dairy: Indemnity Determination

35 35 LGM-Dairy available for purchase once a month LGM-Dairy available for purchase once a month Up to 12 contracts offered each year depending on funding availability Up to 12 contracts offered each year depending on funding availability Each contract covers up to 10 months Each contract covers up to 10 months Contracts can over-lap contract months so long as one does not insure more than 100% of a months anticipated production Contracts can over-lap contract months so long as one does not insure more than 100% of a months anticipated production Purchase period Purchase period Starts: 4:30 p.m. (CDT) on last business Friday each month Starts: 4:30 p.m. (CDT) on last business Friday each month Ends: 8:00 PM CDT Saturday Ends: 8:00 PM CDT Saturday LGM-Dairy: When Purchased?

36 LGM-Dairy: An Overview Insurance Year Policies Sold (No.) CWT Insured (000) GMG ($000) Premium ($000) Indem. Paid ($000) Subsidy ($000) 09/101341,87224,9157822800 10/111,22446,173769,645 25,013 25,0136510,736 11/1290040,524704,86419,1631,3188,871 12/1366030,720599,99215,53307,060 Note:The 46.2 million cwt insured in 2010/11 represented approximately 2.4% of 2010 U.S. milk production.

37 37 Unclear as to increased funding for LGM-Dairy Unclear as to increased funding for LGM-Dairy LGM-Dairy is a livestock pilot program LGM-Dairy is a livestock pilot program $20 million/year for all programs $20 million/year for all programs Substantial pressure on Congress to funding from farm groups, financial industry, etc. Substantial pressure on Congress to funding from farm groups, financial industry, etc. Implications of DIAC recommendations Implications of DIAC recommendations 2013 Farm Bill: There will be in direct producer payments 2013 Farm Bill: There will be in direct producer payments reliance on producer risk management reliance on producer risk management LGM-Dairy: An Overview

38 38 Demand for LGM-Dairy very high in 2011/12 insurance year Demand for LGM-Dairy very high in 2011/12 insurance year Funds lasted only 2-months Funds lasted only 2-months Industry is still in the learning curve Industry is still in the learning curve Knowledge of limited funds caused many producers to undertake a naïve and ill- advised 10-month, 100% coverage strategy Knowledge of limited funds caused many producers to undertake a naïve and ill- advised 10-month, 100% coverage strategy This resulted in few indemnities being paid in spite of a relatively bad year This resulted in few indemnities being paid in spite of a relatively bad year Due to entire contract performance determining indemnity payments not individual months Due to entire contract performance determining indemnity payments not individual months Limited activity this year (still funds available) Limited activity this year (still funds available) LGM-Dairy: 2011/12 Post-Mortem

39 39 We have a dedicated section to the University of Wisconsin Understanding Dairy Markets website devoted to LGM-Dairy: We have a dedicated section to the University of Wisconsin Understanding Dairy Markets website devoted to LGM-Dairy: Understanding Dairy Markets website: Understanding Dairy Markets website: http://future.aae.wisc.edu http://future.aae.wisc.edu LGM-Dairy website: LGM-Dairy website: http://future.aae.wisc.edu/lgm_dairy.html http://future.aae.wisc.edu/lgm_dairy.html LGM-Dairy Analyzer software system LGM-Dairy Analyzer software system http://future.aae.wisc.edu/lgm_analyzer_new/ http://future.aae.wisc.edu/lgm_analyzer_new/ To join the LGM-Dairy Mailing List: To join the LGM-Dairy Mailing List: http://future.aae.wisc.edu/lgm_dairy.html#5 http://future.aae.wisc.edu/lgm_dairy.html#5 LGM-Dairy: UW Website

40 40 With extension of the 2008 Farm Bill to Sept. 30, 2013, deliberations for 2013 Farm Bill will start anew With extension of the 2008 Farm Bill to Sept. 30, 2013, deliberations for 2013 Farm Bill will start anew Dairy Production Margin Protection Plan (DPMPP) Dairy Production Margin Protection Plan (DPMPP) Below is a summary of the margin insurance program within the Bill approved by U.S. Senate in June 2012 Below is a summary of the margin insurance program within the Bill approved by U.S. Senate in June 2012 Very surprised if the 2013 Farm Bill does not have similar language Very surprised if the 2013 Farm Bill does not have similar language Farm Bill Margin Protection Program

41 41 The DPMPP pays participating farmers an indemnity when The DPMPP pays participating farmers an indemnity when 2-month national average IOFC falls below insured level 2-month national average IOFC falls below insured level Insured margin can range from $4- $8/cwt Insured margin can range from $4- $8/cwt $4.00 protection level is 100% subsidized for 80% historical prod. $4.00 protection level is 100% subsidized for 80% historical prod. No payment or herd size limitation No payment or herd size limitation If you sign up for DPMPP you must participate in supply management program If you sign up for DPMPP you must participate in supply management program Farm Bill Margin Protection Program

42 42 DPMPP Margin Milk Revenue – Feed Costs DPMPP Margin Milk Revenue – Feed Costs Ration: Corn, corn silage, SBM, alfalfa hay Ration: Corn, corn silage, SBM, alfalfa hay U.S. All-Milk Price used for revenue U.S. All-Milk Price used for revenue Feed costs: Fixed rations for 3 cow and heifer types Feed costs: Fixed rations for 3 cow and heifer types U.S. avg. corn and alfalfa hay price received U.S. avg. corn and alfalfa hay price received Monthly avg. Central Illinois SBM price Monthly avg. Central Illinois SBM price Farm Bill Margin Protection Program Cow Type % of Herd Cow Type % of Herd Milking Cows52.5 Heifer: To calve in 1 year 18.5 Hospital Cows1.1 Heifer: 500 lbs + 9.6 Dry Cows8.8 Heifer: < 500 lbs 9.6

43 43 Annual administrative Fees Annual administrative Fees Annual Milk Marketings (Mil. Lbs) Fee ($) Herd Size with 20,000 lb/cow Marketings < 1 $100 < 50 1 Marketings < 5 $250 50-250 5 Marketings <10 $350 250-500 10 Marketings <40 $1,000 500-2,000 Marketings 40 $2,500 2,000 2,000 Farm Bill Margin Protection Program

44 44 Supplemental Program Supplemental Program Producer can elect to cover a range of 25- 90% of historical production Producer can elect to cover a range of 25- 90% of historical production Farm Bill Margin Protection Program Coverage Level ($/cwt) Premiums ($/cwt) 4 Mil. Lbs 4 Mil. Lbs > 4 Mil. Lbs $4.50$0.010$0.020 $5.00$0.020$0.040 $5.50$0.035$0.100 $6.00$0.045$0.150 $6.50$0.090$0.290 $7.00$0.400$0.620 $7.50$0.600$0.830 $8.00$0.950$1.060

45 45 Revenue Risk in Todays Dairy Industry $4.00 $8.00 $6.00

46 46 Brian W. Gould Brian W. Gould Department of Agricultural and Applied Economics University of Wisconsin-Madison University of Wisconsin Extension (608)263-3212bwgould@wisc.edu My Contact Information


Download ppt "1 Risk Management Practices by the U.S. Dairy Industry: Industry Complexities, Learning Curves and Producer Adoption Brian W. Gould Professor Department."

Similar presentations


Ads by Google